Cabinet approves additional Rs 635 crore for India Post Payments Bank
Updated : August 29, 2018 03:12 PM IST
The cabinet committee headed by Prime Minister Narendra Modi on Wednesday approved an additional injection of Rs 635 crore of capital, where Rs 400 crore will be utilised as cost of technology and Rs 235 crore for Human Resources.
India Post Payments Bank services are already available at two branches and the rest of the 648 branches will be launched across the country in every district. IPPB will also have 3,250 post offices or access points from September 1.
IPPB services will expand to about 1.55 lakh access points by December 2018, making it the country's largest banking network with direct presence at village level.